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303: Financial

The Board of Trustees shall acquire, manage and protect the funds and property of the College including expenditure of all College funds.


303.01 Accounting/Auditing

[LAST APPROVED June 2018]

The Board of Trustees shall provide for the establishment of necessary procedures to assure proper accounting of receipts and disbursements of College funds and other funds under the supervision of the College.

A system of accounting shall be implemented that meets state requirements and conforms to Generally Accepted Accounting Principles. Audits shall be conducted on an annual basis by an auditing firm approved by the Board of Trustees. The audit report shall be presented to the Board of Trustees for approval.

Administrative Services personnel shall be responsible for the administration of the accounting system.


303.02 Approval of College Expenditures

[LAST APPROVED June 2018]

The College shall ensure that all expenditures are made through a consistent approval process.

The Board of Trustees supports all employees being reimbursed for appropriate expenses that they incur in fulfilling their job responsibilities. Reimbursement of College employees for job-related expenses and travel shall be made in an equitable manner, with the same rules applying to all levels of employees.

If College-owned vehicles are not available and administrators find it necessary to drive their own personal vehicles when pursuing official College business, they shall be reimbursed by the College at 80% of the rate allowable according to Internal Revenue Service mileage allowance guidelines.

The College authorizes the President to provide credit cards to employees whose job responsibilities demonstrate the need. In no circumstance shall the total credit card exposure exceed $1,000,000 indebtedness. Limitations on individual cards are set as determined by mutual agreement of the President and the Vice President of Finance and Administrative Services.


303.03 Budget and Facilities

[LAST APPROVED June 2018]

The Board of Trustees shall review and approve financial matters including the annual budget, capital expenditures relative to additional facilities or major repairs, and modifications to or replacement of established facilities.

303.04 College Retail Operations

[LAST APPROVED June 2018]

The Board of Trustees may authorize and approve retail operations established to enhance, promote, or support the College’s instructional, student activities, and public service functions in order to meet the needs of the students, faculty, staff, and members of the public participating in institutional events. The operations will provide services and supplies for the use of students and staff at the lowest price consistent with good business practice. All costs for supplies, equipment, services and wages will be paid out of the gross sales when possible, with any net proceeds to be used by the College for the general benefit of the students.

Retail operations must meet the following three conditions:

  • The activity is deemed important in fulfilling the Institution's instructional or public service mission;
  • The activity is needed to provide an important product or service at a convenient location and time; and
  • The activity is carried out for the primary benefit of the campus community, but with sensitivity to the total community.

Business activities not falling within these guidelines may be considered "unrelated business income" activities. The College shall comply with applicable laws and regulations pertaining to such activities.


303.05 Conflict of Interest and Disclosure

[LAST APPROVED June 2018]

The Board shall adhere to the principle that no public servant or employee of the College shall be a party, either directly or indirectly, to a contract with the College.

No public servant or employee of the College shall solicit, either directly or indirectly, any contract between the College and

A. Himself or herself;

B. Any firm of which the public servant or employee is an affiliate;

C. Any private corporation in which the public servant or employee is;

D. Any trust of which the public servant or employee is a beneficiary or trustee.

  1. A stockholder of more than 1% of the total outstanding stock of any class if the stock is not listed on the stock exchange;
  2. A holder of stock with a present market value greater than $25,000 if the stock is listed on a stock exchange; or
  3. A director, officer, or employee; or

The foregoing shall not apply to a public servant or an employee who is paid for working less than 25 hours per week provided:

A. The public servant or employee shall promptly disclose his or her interest in the contract, which disclosure is made as a matter of record in the Board’s official proceedings.

B. The contract is approved by a vote of not less than 2/3 of the membership of the Board of Trustees.

C. The minutes disclose the name of each party, the terms of the contract and the nature of the pecuniary interest involved.


303.06 Financial Support

[LAST APPROVED June 2018]

The Board of Trustees shall encourage adequate financial support of the College through local and state legislative action.


303.07 Investment

[LAST APPROVED June 2018]

The idle funds of the College shall be invested in accordance with Act 331 of the Public Acts of 1966, as amended by ACT 299, P.A. 1984.


303.08 Prohibition of the Use of Federal Funds for Lobbying

[LAST APPROVED June 2018]

No federal appropriated funds have been paid or will be paid by or on behalf of the College, to any person for influencing or attempting to influence an officer or employee of any agency, a member of Congress, an officer or employee of Congress, or an employee of a member of Congress in connection with the making of any Federal grant, the entering into of any cooperative agreement, and the extension, continuation, renewal, amendment, or modification of any Federal grant or cooperative agreement. If any funds other than Federal appropriated funds have been paid or will be paid to any person for influencing or attempting to influence an officer or employee of any agency, a member of Congress, an officer or employee of Congress, or an employee of a member of Congress in connection with this federal grant or cooperative agreement, the College shall complete and submit Standard Form LLL, "Disclosure Form to Report Lobbying", in accordance with its instructions.


303.09 Purchasing

[LAST APPROVED June 2018]

The Board of Trustees has established guidelines to ensure that legal, ethical, and responsible practices are maintained during the purchasing process.


303.09.01 Authority and Responsibility

[LAST APPROVED June 2018]

The President shall have the authority to purchase all materials, supplies, equipment and other items that have been approved as part of the adopted budget. The President may delegate this authority to the Vice President of Finance and Administrative Services who shall establish purchasing procedures. The President and Vice President of Finance and Administrative Services shall designate those persons who are authorized to commit the College for goods and services. Any other commitments are not binding on the College.

In all cases, the College reserves the right to modify or waive established policy or procedure if deemed to be in the best interest of the College.

Mid Michigan College is a tax-exempt institution. The College will not pay sales tax within the State of Michigan.


303.09.02 Vendor Selection

[LAST APPROVED June 2018]

The Board of Trustees places a high priority on purchasing goods and services competitively within the College district when possible, subject to prudent business practices.

Purchases of professional services shall be at the discretion of the President and Vice President of Finance and Administrative Services based on criteria relevant to the service to be rendered.

Contemplated purchases for materials and supplies of more than $2,000 shall require competitive quotations.

Contemplated purchases for non-professional services of more than $5,000 shall require competitive quotations.

Contemplated purchases for materials, supplies and projects greater than $20,000 shall require issuance of an official RFP. Acceptance of a proposal of more than $20,000 must be approved by the Board of Trustees.

Requests for materials, supplies, or non-professional services where there may only be one vendor (sole source) due to the unique product or service offered, must be accompanied by written rationale providing supporting details or technical specifications.

Purchases shall not be structured so as to circumvent the approval process.


303.09.03 Personal Purchases

[LAST APPROVED June 2018]

The College will not negotiate or purchase for the personal benefit of College employees.


303.09.04 Grant Purchases

[LAST APPROVED June 2018]

The College will adhere to the appropriate federal, state or local purchasing guidelines whenever they are more stringent than college policies.


303.09.05 Emergency Purchases

[LAST APPROVED June 2018]

In the event of an actual emergency that requires the immediate purchase of services or supplies, the Vice President of Finance and Administrative Services shall be empowered by the President to authorize an agent to purchase at the lowest obtainable price, any supplies or contractual services needed to mitigate the emergency regardless of the expenditure. The agent will fully record and document the event and circumstances surrounding the emergency for submission to the Board of Trustees.


303.09.06 Purchases Made by College Employees for College Purposes

[LAST APPROVED June 2018]

When it is necessary for College employees to personally purchase and pay for goods or services, reimbursement will be made per the Employee Reimbursement Policy, provided that all receipts and supporting documents are submitted.


303.10 Student Payments

303.10.01 Tuition

[LAST APPROVED June 2018]

The Board of Trustees shall determine the tuition for all students enrolled in the College and disclose such information in accordance with existing applicable laws.

The tuition rates for all students shall be based on contact hours and assessed in three different ways based on residency: resident of the College district; non-resident of the College district; and international resident.

Any individual using educational assistance under either Chapter 30 (Montgomery GI Bill® – Active Duty Program), Chapter 33 (Post-9/11 GI Bill®), of title 38, United States Code, and/or the Marine Gunnery Sergeant John David Fry Scholarship (38 U.S.C. § 3311(b)(9)) who lives in the State of Michigan while attending Mid Michigan College (regardless of his/her formal state of residence) will be charged the non-resident of the College district tuition unless s/he qualifies as a resident of the College district.

Beyond the standard tuition and fee structure, the Board of Trustees may authorize various tuition rates and fees that reflect special circumstances, increased costs, unique instruction methods, or other criteria as appropriate.

Tuition rates are subject to change without notice by action of the Board of Trustees.


303.10.02 Fees

[LAST APPROVED June 2018]

The College may assess and change without notice fees including but not limited to:

  • Course Fees to defray the cost of special equipment or materials.
  • Enrollment Fee based on the date of the student’s initial enrollment for the semester or session.
  • Facilities Fee on all courses offered on the Harrison or Mt. Pleasant campus.
  • Student Activities Fee to support student co-curricular opportunities.
  • Technology Fee to maintain the College’s technological infrastructure and equipment.

303.10.03 Deferred Payment of Tuition and Fees

[LAST APPROVED June 2018]

All students are expected to pay 100% of the balance due by the tuition due date.

Students may opt to use a tuition budget plan administered by an external third-party and approved by the Board of Trustees, which includes an appropriate per semester NON-REFUNDABLE fee.

Only authorized financial aid recipients receiving assistance through the College, State and/or Federal agencies will be allowed to charge 100% of assessed charges with the understanding that if their aid is insufficient to cover their charges for any reason, the student will be responsible for the amount charged.

An administrator, as designated by the President, can approve deferred payments which deviate from the above.


303.10.04 Outstanding Bills

[LAST APPROVED June 2018]

Students with outstanding bills in the College Business Office from any previous semester will not be allowed to use any charge system, will not be allowed to re-enroll, and will not be able to obtain grades or transcripts until such time as the bill has been paid in full.

Exceptions to this policy must be approved by the Vice President of Finance and Administrative Services or his/her designee.


303.10.05 Insufficient Funds

[LAST APPROVED June 2018]

A service charge will be levied against the student's account for each check/draft returned to the College from a financial institution because of insufficient funds.


303.10.06 Student Refunds

[LAST APPROVED June 2018]

The College shall refund tuition and fees based upon the date when a student drops a course. During a 16-week semester, a full refund is allowed through the first 7 calendar days of the semester. There is no differentiation between partial and total drops in terms of percentage of refund of tuition and fees. Sessions containing less than 15 weeks are pro- rated, as are classes that vary in length.

The refund schedule is so structured that persons changing contact hour loads will receive a 100 percent refund of tuition and fees if the change is made within the official registration period for the semester or session. Total refunds for courses starting on dates which do not coincide with the scheduled semester or session starting dates will be limited to the official registration period for such courses.

Refunds to persons enrolling in a course after the official starting date of the course will be made according to the refund schedule, using the official starting date of the College classes as the point from which the schedule will apply. Persons dropping courses as a result of an institutional drop will receive a 100 percent refund of tuition and fees for the dropped courses.

The College reserves the right to eliminate refunds to students who drop from designated "limited enrollment" classes. The President or the President's designee reserves the right to authorize exceptions to the refund policy in cases of unusual circumstances.


303.11 Tax Levy

[LAST APPROVED June 2018]

The Board of Trustees shall annually determine and request collection of the local tax levy in accordance with existing applicable laws.


303.12 Supplanting Federal Funds

[LAST APPROVED June 2018]

Any funds received under a federal grant shall be used to supplement and, to the extent practicable, increase the amount of state and local funds that would, in the absence of such Federal Funds, be made available, and in no case supplant such state or local funds

 
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